Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781337517386
Author: WARREN
Publisher: Cengage
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Question
Chapter 5, Problem 5.3.1P
To determine
Concept Introduction:
Bank Reconciliation:
Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares
To Prepare:
The bank reconciliation statement
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Bank reconciliation and entries
The cash account for collegiate Sports Co. on November 1, 20Y9, indicated a balance of $81, 145. During November, the total cash deposited was $293,150, and checks written totaled $307, 360.The bank statement indicated a balance of $112,675 on November 30,20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
A. Checks outsstanding totaled $41,840.
B. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement.
C. A check for $7,250 had been incorrectly charged by the bank as $2,750.
D. A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account.
E. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000.
F. Bank service charges for…
Bank Reconciliation and Entries
The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,710. During
November, the total cash deposited was $70,770 and checks written totaled $65,710. The bank statement
indicated a balance of $23,990 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and
the accompanying memos with the records revealed the following reconciling items:
a. Checks outstanding totaled $10,690.
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c. A check for $940 had been incorrectly charged by the bank as $490.
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was for the payment of an obligation to Ramirez Co. on account.
e. The bank had collected for Collegiate Sports Co. $4,600 on a note left for collection. The face of the note was
$4,250.
f. Bank service charges for November amounted to…
Bank Reconciliation and Entries
The cash account for Highlander Diamond Co. on April 1, 20Y5, indicated a balance of $35,400. During April, the total cash deposited was $120,255, and checks written totaled $109,200. The bank statement indicated a balance of $60,927 on April
30, 20Y5. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
a. Checks outstanding totaled $21,450.
b. A deposit of $13,913, representing receipts of April 30, had been made too late to appear on the bank statement.
C. A check for $710 had been incorrectly charged by the bank as $170.
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f. Bank service charges for April amounted to $115.
g.…
Chapter 5 Solutions
Survey of Accounting (Accounting I)
Ch. 5 - Prob. 1SEQCh. 5 - Prob. 2SEQCh. 5 - Prob. 3SEQCh. 5 - Adjustments to the company’s records based on the...Ch. 5 - Prob. 5SEQCh. 5 - Prob. 1CDQCh. 5 - Prob. 2CDQCh. 5 - Prob. 3CDQCh. 5 - Prob. 4CDQCh. 5 - Prob. 5CDQ
Ch. 5 - Prob. 6CDQCh. 5 - Prob. 7CDQCh. 5 - Prob. 8CDQCh. 5 - Prob. 9CDQCh. 5 - Assume that Leslie Hunter, accounts payable clerk...Ch. 5 - Prob. 11CDQCh. 5 - The accounting clerk pays all obligations by...Ch. 5 - Prob. 13CDQCh. 5 - Prob. 14CDQCh. 5 - Do items reported as a credit memorandum on the...Ch. 5 - Prob. 16CDQCh. 5 - Prob. 17CDQCh. 5 - Prob. 5.1ECh. 5 - Prob. 5.2ECh. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - Prob. 5.6ECh. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.11ECh. 5 - Prob. 5.12ECh. 5 - Prob. 5.13ECh. 5 - Prob. 5.14ECh. 5 - Prob. 5.15ECh. 5 - Prob. 5.16ECh. 5 - Prob. 5.17ECh. 5 - Prob. 5.18ECh. 5 - Prob. 5.19ECh. 5 - Entries for note collected by bank Accompanying a...Ch. 5 - Prob. 5.21ECh. 5 - Prob. 5.22ECh. 5 - Prob. 5.23ECh. 5 - Prob. 5.24ECh. 5 - Prob. 5.25ECh. 5 - Prob. 5.1PCh. 5 - Prob. 5.2.1PCh. 5 - Prob. 5.2.2PCh. 5 - Prob. 5.3.1PCh. 5 - Prob. 5.3.2PCh. 5 - Prob. 5.4.1PCh. 5 - Prob. 5.4.2PCh. 5 - Prob. 5.4.3PCh. 5 - Prob. 5.4.4PCh. 5 - Prob. 5.1.1MBACh. 5 - Prob. 5.1.2MBACh. 5 - Prob. 5.1.3MBACh. 5 - Prob. 5.1.4MBACh. 5 - Ratio of cash to monthly cash expenses AcelRx...Ch. 5 - Prob. 5.2.1MBACh. 5 - Prob. 5.2.2MBACh. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Prob. 5.2.5MBACh. 5 - Prob. 5.3.1MBACh. 5 - Prob. 5.3.2MBACh. 5 - Prob. 5.3.3MBACh. 5 - Prob. 5.3.4MBACh. 5 - Prob. 5.3.5MBACh. 5 - Prob. 5.4.1MBACh. 5 - Prob. 5.4.2MBACh. 5 - Prob. 5.1CCh. 5 - Prob. 5.2CCh. 5 - Prob. 5.3CCh. 5 - Prob. 5.4CCh. 5 - Prob. 5.5.1CCh. 5 - Prob. 5.5.2CCh. 5 - Prob. 5.5.3CCh. 5 - Prob. 5.6C
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- Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.arrow_forwardThe bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.arrow_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35arrow_forward
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- Bank reconciliation and entriesThe cash account for Stone Systems at July 31, 20Y5, indicated a balanceof $17,750. The bank statement indicated a balance of $33,650 on July 31,20Y5. Comparing the bank statement and the accompanying canceledchecks and memos with the records reveals the following reconcilingitems: A. Checks outstanding totaled $17,865.B. A deposit of $9,150, representing receipts of July 31, had beenmade too late to appear on the bank statement.C. The bank had collected $6,095 on a note left for collection. Theface of the note was $5,750.D. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was forthe payment of an obligation to Holland Co. for the purchase ofoffice supplies on account.E. A check drawn for $1,810 had been incorrectly charged by thebank as $1,180.F. Bank service charges for July amounted to $80. Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries.3. If a balance sheet…arrow_forwardBank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $15,750. The bank statement indicated a balance of $31.095 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $10,125. b. A deposit of $4,120, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $10,400 on a note left for collection. The face of the note was $10,000. d. A check for $1,200 returned with the statement had been incorrectly recorded by Deaver Consulting as $120. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. e. A check drawn for $320 had been incorrectly charged by the bank as $230. f. Bank service charges for October amounted to $70. Instructions: 1. Prepare a bank reconciliation.…arrow_forwardBank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,170. During May, the total cash deposited was $71,700 and checks written totaled $66,570. The bank statement indicated a balance of $24,310 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,830. A deposit of $8,820, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,660 on a note left for collection. The face of the note was $4,300. A check for $360 returned with the statement had been incorrectly charged by the bank as $630. A check for $630 returned with the statement had been recorded by Brentwood Bike Co. as $360. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $40. A check for $1,080 from Jennings…arrow_forward
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